Energas Resources has acquired a new well in Whitley County, Kentucky. The Davis #1 well is producing from the Newman Limestone formation at approximately 1,745 feet and has settled in to produce at a steady rate of 65 MCF of natural gas per day. If current production holds, this well will add approximately $150,000.00 a year to the Company's revenues at today's gas prices. The Company is in the process of acquiring more acreage and wells in this area.
Additionally, the Company still intends to drill a new well in the Parkway Project, Kentucky and is waiting for a drilling rig to become available.